Fed Chair Janet Yellen has just completed her Q&A with Twitter. She did not disappoint...
The Economy...
Worst economic recovery on record...
Current Quarter GDP forecast 0.6%...
In discussions with clients, Macro Risk Advisors' CEO Dean Curnutt was reminded of a quote from LTCM partner Victor Haghani. In commenting on the demise of the portfolio, Haghani said,
With the recent crackdown on political "fake news", where a handful of media mega-corporations such as Facebook and Google have emerged as the ultimate arbiter of what is real or isn't, in the process unleashing allegations of conflicts of interest, it was only a matter of time before the SEC got the hint and brought the hammer down. That time is now, because as Reuters reports, the SEC on Monday announced a crackdown against "pump and dump" stock promotion schemes in which writers were secretly paid to post hundreds of bullish articles about public companies on financial websites.
Seriously...
China-Korea headlines spooked stocks just before lunch but desperation kept The Dow green by 1 point!!
VIX pushed above 14 into the close...
The Dow remains above its 50DMA...
Who says activist investors are dead, swallowed whole by the relentless passive, ETF wave?
Moments ago Whole Foods, which has seen its stock suffer a painful decline for the past two years, spiked on a WSJ report that Barry Rosenstein's Jana Partners has amassed a 9% stake in WFM and is pushing the organic grocer to speed up its turnaround efforts while also exploring a possible sale.